Mark Jamieson reports on the market during the last quarter.
Click on a branch link below to access the quarterly market review for your area.
The first Quarter of 2018 delivered approximately £22million of sales within the East Renfrewshire area. Market conditions dramatically favour the seller where there is a significant imbalance between supply and demand. Stock levels have been well documented and are at significantly low levels. This has immediately improved the sales prices of properties within the area.
For the third consecutive Quarter, East Renfrewshire recorded the highest average sales prices in Scotland with an average sale of £262,000 during the period. This figure was up 5% on the same time last year.
The appetite to acquire property within the East Renfrewshire school boundary is as high as it has ever been and the lack of supply has driven both speed of sale and sale prices to their highest recorded levels. There are often dozens of viewers per property and speed of sale has never been quicker.
Again, there has been enough evidence to demonstrate that sales over £1million are still achievable and whilst the LBTT at this level is prohibitive, for the right quality property there are still a number of buyers in the market place. A property that sold well in the excess of £1million at the beginning of Q1 attained 40 viewers in its three-week period on the market place. This was unprecedented and clearly demonstrates that iconic one-off properties are still very much in demand.
Most transactions are now in a chain and this does cause some further anxiety and uncertainty during the buying and selling process. Many clients within East Renfrewshire will not put their own property on the market until they have found something suitable to move to, and again, it is this log jam and stand-off that is creating the strong dynamics in the market place.
If you’re thinking of selling, it would be prudent to achieve an up-to-date valuation as there is no doubt a valuation figure could be well in excess of what you might anticipate.
In light of the above, should you be considering a move, or simply curious as to the value of your home, please do not hesitate to contact our professional, experienced and enthusiastic sales team at our Newton Mearns office. You can email us at email@example.com or call us on 0141 639 5888 to discuss the current opportunities.
Corum Newton Mearns office
134 Ayr Road
Tel: 0141 639 5888